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Description
| Question | Answer |
| Fiscal policy | The government using government spending to achieve the governments policy. |
| Recession | A fall in real GDP for 6 months or more. |
| Nominal GDP | GDP measured at the current market prices, without removing the effects of inflation. |
| Gross domestic product (GDP) | The sum of all goods and services, or level of output, produced in the economy over a period of time, e.g. one year. |
| Real GDP | A measure of all the goods and services produced in an economy, adjustment for price changes or inflation. |
| Macroeconomics | Involves the study of the whole economy at the aggregate level. |
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